ALSO READHDFC Group shares rally; HDFC, HDFC Bank, HDFC Standard Life hits new high HDFC to raise up to Rs 13,000 cr via equity, convertible instruments Dewan Housing Finance Corp Q3 net profit up 25% to Rs 3.06 billion Buy Indiabulls Housing Finance, HDFC, says Prabhudas Lilladher 5 housing finance companies dominate mkt, lend 78% of home loans: Icra
Housing Development Finance Corporation (HDFC) has moved higher to its new high of Rs 1,980, up 4% on BSE, after the mortgage lender reported a standalone net profit of Rs 56.7 billion in December 2017 quarter (Q3FY18), which include exceptional gain of Rs 36.75 billion.
The company had posted profit of Rs 17.01 billion during the same quarter last fiscal. During the quarter under review, the corporation has offered 191 million equity shares of HDFC Standard Life Insurance Company, a material subsidiary representing 9.52% of its stake in the initial public offering (IPO) of HDFC Life resulting in a profit of Rs 52.50 billion, HDFC said in a filing. With the objective of further strengthening the Corporation’s balance sheet, HDFC has made an additional provision of Rs 15.75 billion to shore up the provision and contingencies account and thereby recognise provisions towards specific loans against future risk, it added. Revenue from operations during the quarter grew 6.5% at Rs 86.67 billion from Rs 81.34 billion in the corresponding quarter of previous year. The brokerage firm Prabhudas Lilladher expected profit after tax of Rs 47.67 billion on net operating income of Rs 82.55 billion.Motilal Oswal Securities expected HDFC to report a profit of Rs 45 billion in Q3FY18. However, adjusted for one off, it was expected to grow 14%t Y-o-Y to Rs 19.50 billion. Thus far in the month of January 2018, the stock rallied 15% as compared to 6.5% rise in the S&P BSE Sensex.